Atlante (private equity fund)

rdf:langString Atlante (private equity fund)

rdf:langString Atlante is an Italian private equity fund that is dedicated to recapitalize some Italian banks, as well as purchase the securities of the junior tranches of non-performing loans. The fund was under regulated by EU Alternative Investment Fund Managers Directive. According to Federico Ghizzoni, former CEO of UniCredit, although the bank may inject €1 billion to the fund, the bank had a priority to sell their bad loan to the fund. UniCredit had about €20 billion net value of bad loans on the balance sheets as of 31 December 2015. Moreover, both UniCredit and Intesa Sanpaolo (via Banca IMI) were already underwritten Banca Popolare di Vicenza and Veneto Banca for a combined €2.5 billion capital increases. The contributions of the fund would make the fund become the buyer of the unsold shares, instead of the banks themselves. As BPVi announced that the new shares would be priced between €3 and €0.1 per shares, the fund on behalf of UniCredit would purchase the unsold share for €0.1 only. It was reported that banking foundations, such as Fondazione Cariplo, Fondazione Cariparo, and Fondazione CRT, which in previous banking reforms were forced to sell their banking subsidiaries (forced to diversify investments), were invited to invest in the fund. According to ACRI, the foundations had €40 billion shareholders' equity, with most of them no longer owning their banks in majority or entirely sold. Fondazione Cariplo, a shareholder of Intesa Sanpaolo and the management firm of the fund, had a shareholders' equity of €8.9 billion. On 29 April 2016 announced that the fund had collected €4.249 billion from 67 investors including Cassa Depositi e Prestiti.